The importance of advanced biological science to the Australian economy

The Centre for International Economics found that the advanced biological sciences, directly and indirectly:

• account for 5% of Australian economic activity, or around $65 billion per year
• provide 4% of total Australian employment (about 464,000 jobs)
• generate 4% of our exports, or about $12 billion per year.

In addition, the economists estimated the value of health improvements:

• there would be 18% to 34% higher burden of disease without the advanced biological sciences
• the advanced biological sciences deliver $83 billion to $156 billion worth of health improvements.

This report follows and complements a 2015 report that quantified the contribution of the advanced physical and mathematical sciences to the Australian economy. 

Both reports were commissioned by the Office of the Chief Scientist and the Australian Academy of Science and prepared by economists from the Centre for International Economics. 

A synthesis report presents combined estimates derived from both reports.

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